IMPORTANT DISCLOSURES - Copley Alternative Investments. Last Updated: March 2026

EDUCATIONAL PURPOSE ONLY

The content provided on this website, including all materials related to broker-dealer training, continuing education, alternative investments, and tax mitigation strategies, is intended solely for educational and informational purposes.

This material does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation of any security, investment strategy, tax strategy, or advisory service. Nothing presented should be construed as investment, tax, or legal advice. Advisors and investors should consult their own professional advisors regarding their specific circumstances before acting on any information contained herein.

All examples, case studies, and hypothetical illustrations are provided for educational purposes only and do not represent actual transactions, actual results, or a guarantee of future outcomes.

ALTERNATIVE INVESTMENT RISKS & SUITABILITY

Training materials discussing alternative investments, including but not limited to private equity, hedge funds, real estate investment trusts (REITs), non-traded REITs, direct participation programs (DPPs), business development companies (BDCs), interval funds, structured products, private credit, and private placements, are provided for educational purposes to assist registered representatives in understanding these product categories.

Alternative investments involve substantial risks, including but not limited to:

Illiquidity and Limited Secondary Markets. Alternative investments are typically illiquid. Investors may be unable to sell or transfer their interests and may be required to hold positions for extended periods, sometimes indefinitely.

Leverage Risk. Many alternative investment structures utilize leverage, which may amplify both gains and losses and increase the risk of a total loss of invested capital.

Valuation Risk. The valuation of alternative investments may be difficult to determine due to limited transparency, infrequent pricing, or the use of subjective valuation methodologies. Reported values may not reflect the realizable value.

Regulatory and Legal Risk. Changes in applicable laws, regulations, or enforcement priorities at the federal, state, or international level may adversely affect the structure, tax treatment, or viability of an investment.

Complexity and Suitability Risk. The complexity of certain alternative investment structures may make them unsuitable for investors who lack the financial sophistication or resources to understand and bear the associated risks.

Concentration and Diversification Risk. Alternative investments may expose investors to concentrated positions in a single asset, sector, or strategy, reducing the benefits of diversification.

Manager and Operational Risk. Returns may depend heavily on the skill and judgment of a single manager or management team. Operational failures, fraud, or conflicts of interest may adversely impact performance.

Risk of Partial or Total Loss of Principal. Investors in alternative investments may lose some or all of their invested capital.

Alternative investments are not suitable for all investors and should be considered only by those who fully understand and can bear the associated risks. Registered representatives are responsible for conducting independent due diligence and ensuring all recommendations comply with FINRA suitability standards, Regulation Best Interest (Reg BI), and applicable state regulations. Suitability determinations must account for a client's investment objectives, risk tolerance, time horizon, liquidity needs, net worth, and overall financial circumstances. Completion of this training does not satisfy firm-level suitability approval requirements for specific products.

TAX MITIGATION & TAX-AWARE STRATEGY DISCLOSURES

References to tax mitigation, tax deferral, or tax-aware strategies, including but not limited to Qualified Opportunity Zone (QOZ) investments, 1031 exchanges, Deferred Sales Trusts (DSTs), Charitable Remainder Trusts (CRTs), Donor-Advised Funds (DAFs), installment sales, and other tax-advantaged structures, are general in nature and are provided for educational purposes only.

Tax treatment is highly individualized and depends on each investor's specific facts, circumstances, applicable law, and regulatory guidance in effect at the time of implementation. Outcomes vary significantly based on individual situations, and there is no assurance that any planning approach will achieve a particular tax result.

Key tax-related risks and considerations include:

Legislative and Regulatory Change. Tax laws and their interpretations are subject to change by Congress, the IRS, the Treasury Department, or judicial decisions, potentially with retroactive effect. Strategies that are currently advantageous may become less effective or wholly ineffective as a result of future changes.

IRS Scrutiny and Audit Risk. Certain tax mitigation strategies may attract heightened scrutiny from the IRS or state tax authorities. Investors should be aware of the potential for audits, adjustments, penalties, or interest charges.

Timing and Execution Risk. Many tax strategies are time-sensitive and require precise execution. Failure to meet statutory deadlines or procedural requirements may result in the loss of anticipated tax benefits.

State and Local Tax Considerations. Federal tax treatment does not necessarily determine state or local tax consequences. Investors should evaluate strategies under all applicable tax jurisdictions.

Integration with Overall Tax Position. The effectiveness of any tax strategy depends on how it interacts with an investor's broader tax profile, including income level, existing deductions, alternative minimum tax (AMT) exposure, and estate planning objectives.

Advisors and investors should consult their own qualified tax professionals, including a licensed CPA and/or tax attorney, before implementing any tax-related strategy. Registered representatives must ensure that any discussion of tax-advantaged products complies with all applicable FINRA, SEC, and IRS regulations, and must not represent themselves as providing tax or legal advice unless appropriately licensed and authorized to do so. No statement herein should be relied upon as a representation of the tax consequences of any specific transaction or investment.

REGULATORY COMPLIANCE

This training platform is designed to support compliance with FINRA Rules 1240 and 1210 regarding continuing education requirements for registered representatives. Completion of training modules does not guarantee regulatory compliance, satisfaction of licensure requirements, or fulfillment of any specific firm-level continuing education obligations.

Participants are solely responsible for verifying that completed training satisfies their firm's compliance policies, applicable FINRA or state regulatory requirements, and any product-specific training mandates. All training content is subject to change without notice to reflect updates in regulation, industry guidance, or best practices. Registered representatives must operate within the scope of their licenses and firm authorizations at all times. Nothing in these materials authorizes any representative to engage in activities for which they are not appropriately registered and approved.

NO GUARANTEE OF RESULTS

Past performance of any investment strategy, product, or structure discussed in training materials is not indicative of future results. Any forward-looking statements, projected returns, or hypothetical examples are for illustrative purposes only and do not represent a guarantee of investment performance, tax savings, or any other outcome.

Market conditions, interest rates, tax laws, and regulatory requirements are subject to change and may materially and adversely impact the anticipated outcomes of any strategies or products discussed. Actual results may vary significantly from any projections or illustrations provided.

THIRD-PARTY MATERIALS & REFERENCES

This website may reference or link to third-party resources, product sponsors, fund managers, or external organizations for educational purposes. Such references do not constitute an endorsement, recommendation, approval, or due diligence certification of any third-party product, service, sponsor, or opinion. We are not responsible for the accuracy, completeness, timeliness, legality, or content of any external sites, materials, or third-party statements referenced in training content. Registered representatives remain solely responsible for independently evaluating any product or strategy discussed herein before making recommendations to clients.

CONFLICTS OF INTEREST

Certain training materials may be developed in collaboration with or sponsored by product manufacturers, fund sponsors, or other financial services firms. Where applicable, such relationships will be disclosed within the relevant training module. The existence of a sponsorship relationship does not imply that a particular product or strategy has been independently vetted or endorsed. Registered representatives should be aware of potential conflicts of interest when evaluating sponsored content and should apply independent professional judgment when assessing the suitability of any product or strategy for their clients.